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Captive insurance is a type of insurance that is created and owned by a business or group of businesses to provide coverage for their own specific risks. It is a way for companies to self-insure, rather than relying on traditional insurance companies. This allows the company to have more control over the coverage and costs of their insurance, as well as potentially earning profits from the captive insurance company. Some common types of risks that companies may choose to insure through a captive include property damage, liability, and workers' compensation. Captive insurance can also be used as a risk management tool, allowing companies to identify and address potential risks before they occur. It is typically used by larger companies or groups of companies, as it requires a significant amount of capital to start and maintain.